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Industry Roundup: April 15th

​Highly Digital Agencies Grow 60% Faster Than the Competition​​​A recent survey of nearly 600 U.S.-based independent agents from Liberty Mutual and Safeco Insurance sought to understand how independent insurance agencies are evolving to meet new expectations. The results, published in the “Rise of the Digital Insurance Agency" report, found that digitally-savvy agencies grow an average of 60% more than their less digital counterparts. See marketing materials from Trusted Choice here.Commercial P&C ​​Insurance Rates Continue Upward Trajectory​During the first quarter of 2021, commercial property & casualty rates saw an overall gain of 7%, according to MarketScout Corp., which reported umbrella, professional liability and D&O all saw double-digit…

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Lessons From Recent DFS Cybersecurity Enforcement Actions

​Today is April 15, the date by which all entities regulated by the New York State Department of Financial Services must submit a statement to the department, certifying that they complied with the state's financial services cybersecurity requirements regulation​ last year. It is therefore fitting that I'm writing about two enforcement actions the department recently announced. They give some clues as to the approach the department is taking toward enforcing the regulation.Neither action involved an insurance agency or brokerage:Two very different organizations with millions of dollars in assets. Their day-to-day operations are far removed from those of the typical Big I New York member who has…

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3, 2, 1 with Sue Keegan: Cyber Updates, New Podcast, Go Big 2021

​​​By Sue Keegan, AIC, MBA, Learning & Development Manager3 ThingsRead this new blog post from Tim regarding the DFS updating a cyber-alert in the wake of fraudulently-issued insurance policies.Our website is crammed full with so much good information.  If you haven’t checked out the cybersecurity portion of our website, I highly recommend you do so.  Remember, annual certification of compliance is due no later than April 15, 2021.2 IdeasGo Big 2021 – Register for it NOW!1 QuestionI am very excited that we will have some live music opportunities this summer.  Do you remember the first concert you ever went to?  My first concert was Culture Club in…

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